Payments
Deep Dive: Manufacturing
The shape of payments in the manufacturing industry today.
The manufacturing industry generates the largest volume of B2B payments, totaling $3.5T worldwide. In the US alone, there are ~592,000 manufacturing firms, with the majority of these firms being small with fewer than 20 employees.
54% of B2B orders are currently placed via self-service on websites. This is expected to significantly expand in the coming years as firms build e-commerce capabilities and embedded payments become more accessible to smaller firms. This trend will give rise to an opportunity to build out more efficient payment operations. Converting legacy payment systems to digital operations will shift the B2B supply chain from batch to real-time payments. The firms that are quickest to unlock value with real-time payments will have a significant competitive advantage.
Plastiq Accept can help your company make the conversion and seize the opportunity. Gain greater payment flexibility, payment tracking and increased customer choice.
Key Challenges
Manufacturing firms are facing some common challenges.
Payment
predictability
98% of B2B manufacturers receive payments late, while 16% experience detrimental impact to their cash flow.
Collection
friction
To survive future disruptions firms must pivot from manual invoicing to digital processes that are faster and more efficient.
Market
changes
Emerging trends and shifting preferences are causing B2B buyers to look for greater convenience & optimal margins.
Plastiq Accept Solutions
Plastiq Accept meets the challenges.
Predict your
payments
Plastiq Accept gives you end-to-end visibility into payment from request to delivery so you track and forecast your cash flow.
Streamline
payment collection
Plastiq Accept gives you the power to make real-time payment collection and gives your customers the freedom to pay you in multiple ways.
Resilient to
market changes
Plastiq Accept is convenient, user-friendly for businesses and customers, and built to anticipate emerging payment trends.
Plastiq Accept solves payment problems before they're problems.
Promotes real-time payment collection
Promotes real-time payment collection
Tracks open “unpaid” payment requests
Tracks open “unpaid” payment requests
Advanced reporting & real-time notifications
Advanced reporting & real-time notifications
End-to-end payment reports
End-to-end payment reports
Flexibility to adjust to payment challenges
Flexibility to adjust to payment challenges
Automated process shortens collection times
Automated process shortens collection times
More flexibility—offers multiple options
Offers more flexibility with multiple options
Enables card acceptance for budget-constrained SMBs
Enables card acceptance for budget-constrained SMBs
Use Plastiq Pay and
keep cash on hand
in your hands.
Plastiq Pay helps manufacturers preserve cash in the bank by leveraging the credit cards they have on hand. It’s much easier and less expensive compared to small business loans. Large expenditures for raw materials, supplies, and even payroll can be paid by credit card so that manufacturers can delay the time to pay off bills.
How Plastiq helped Solis labs increase profit and accelerate cash flow.
A manufacturing company, Solis Labs, was previously waiting for customers to mail in checks, often forced to wait weeks for cash flow. But, by adding Plastiq as a payment method for customers, they were able to accept credit cards without the fees which led to faster payments and increased profits. Read the case study.